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WTO chief sees win-win situation in Russian membership

November 11, 2011, 5:04 UTC+3
Russian trade partners who could unilaterally raise tariffs on Russian export commodities can no longer do that according to WTO rules
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GENEVA, November 11 (Itar-Tass) —— WTO Director General Pascal Lamy welcomed the conclusion of 18-year old talks on Russian accession to the organization as a win-win situation.

“Naturally, broader possibilities for access to the Russian market will bring benefits to trade partners, but they also mean clear benefits for Russia. This win-win result will bring Russia more firmly into the global economy and make it a more attractive place to do business,” he told Tass in an interview on Thursday.

“Better openness, transparency and predictability of the Russian economy will improve the climate for proper governance and will increase investments and growth,” Lamy added.

Russian trade partners who could unilaterally raise tariffs on Russian export commodities can no longer do that according to WTO rules, he said.

“Foreign investors will view Russia as a more attractive place for investments. Moreover, the investors will be convinced that Russia has taken on the same transparent and predictable rules as other WTO members. I am convinced Russia will soon begin to play a role in the WTO which is commensurate with its size and trade might,” Lamy said.

WTO unites 153 countries which account for 95 percent of the global trade turnover. Russian accession will raise the figure to 98 percent.

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